It was designed as a ‘first of its kind’ fund, which invested in pure commodities through total return which JPM said removed the equity risk associated with other commodities funds.

In the letter to investors, which was sent on December 23, JPM said: ‘We have recently been considering the future of this sub-fund in light of its size and limited prospects of significant investment from new investors from the sub-fund’s target markets.’

‘Also Highbridge Capital Management, LLC, the sub-fund’s investment manager, has now decided to no longer offer the strategy of the sub-fund based on the conclusions of a strategic review.’

According to data from Lipper IM, the fund currently has $3.2 million in assets under management. It had reached $35.5 million in August 2011.

Over the 12 months to the end of November, the JPM Highbridge Diversified Commodities fund lost 20.2%. The average manager in the Citywire Alternative Ucits Commodities sector lost 5.23% over the same period.

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